STAND. COM. REP. NO. 2545

Honolulu, Hawaii

RE:    S.B. No. 2740

       S.D. 1

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B. No. 2740, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM,"

begs leave to report as follows:

     The purpose and intent of this measure is to assist residents in obtaining affordable housing by increasing the Hula Mae multifamily revenue bond authorization ceiling from $500 million to $750 million.

     Your Committee received written comments in support of this measure from the Department of Business, Economic Development, and Tourism; the Hawaii Housing Finance and Development Corporation; the Office of Hawaiian Affairs; and the Hawaii Association of Realtors.

     Your Committee finds that the Hula Mae multifamily program has been a successful financing tool to support affordable housing and that additional bond authority is necessary to ensure its continued use.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2740, S.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

DAVID Y. IGE, Chair